It’s a given that technology has exponentially changed the way business is done. With the latest advancements in cloud computing and its relatively cheap storage capacity, data management (especially in this era of “Big Data”) is poised to bring even greater change and opportunity for businesses that are well-prepared.
Supply chain management is one of the areas where Big Data is being used to proactively forecast business demand. It’s amazing to think that in today’s “always on” world, even things like a company’s Facebook updates can contain clues about its intent to buy, sell, or reallocate resources. According to PYMNTS.com, accurately assessing demand is at the crux of supply chain optimisation. So, for companies to get a 360-degree view of the playing field and to make plans accordingly, they must embrace data management solutions that can uncover these otherwise hidden opportunities.
Managing data does have its own challenges — and it can cause friction between Buyers and Suppliers. For example, it’s rare for one company to have access to all of the data that can impact its business. Often these databases are spread between Buyers and Suppliers, or are in a number of incompatible formats. And yes, some data is still in paper form, like purchase orders or invoices.
The friction that arises trying to consolidate all this data, results in inefficiencies, errors, and elevated costs – for both Buyers and Suppliers. The solution can be found, says PYMNTS.com, when technology providers can “tap into these various sources of data and support all corporate partners within the supply chain.”
For more information about the rise of Big Data and the tools and tactics to harness it, see the original article on PYMNTS.com.